WASHINGTON (dpa-AFX) - Oil prices edged higher on Wednesday as investors weigh conflicting statements on the possible withdrawal of some Russian troops.
Benchmark Brent crude futures rose 0.7 percent to $93.94 a barrel, after having fallen 3.3 percent in the U.S. session overnight on news that Moscow had withdrawn some troops from the Ukrainian border and was open to renewed talks to defuse the crisis.
U.S. West Texas Intermediate (WTI) crude futures were up 0.8 percent at $92.82 after losing 3.6 percent on Tuesday.
A cautious undertone prevailed after Kyiv blamed Russia for a series of cyberattacks and U.S. President Joe Biden said the country had not verified the move on troop returning.
'It remains to be seen whether there is a Russian withdrawal . What we see is that they have increased the number of troops, and more troops are on the way,' NATO Secretary General Jens Stoltenberg told reporters at the start of a two-day meeting of NATO defense ministers in Brussels.
Investors await weekly U.S. oil inventories data from the Energy Information Administration later in the day after data from the American Petroleum Institute reportedly showed a drop in crude, gasoline and distillate stocks last week.
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